Roborock(SH:688169) Ge Long Hui·2025-09-03 07:30Core Insights - The global smart home cleaning robot market is projected to ship 32.1 million units by 2025, indicating steady market expansion [1] - Stone Technology leads the global cleaning robot market with a 15.2% market share and a 20.7% share in the core vacuum cleaner category in the first half of 2025 [1][3] - The company has maintained the top sales position for its vacuum robots for ten consecutive quarters, showcasing its core competitiveness and industry influence [5] Market Performance - The global vacuum robot market saw a robust growth, with a total shipment of 11.263 million units in the first half of 2025, representing a year-on-year increase of 16.5% [3] - Among the top five brands in global sales, four are Chinese brands, with Stone Technology leading at 20.7% market share and a shipment volume of 2.326 million units, up 67.9% year-on-year [3] R&D and Innovation - Stone Technology prioritizes R&D innovation, with R&D expenses increasing from 4.59% of total revenue in 2019 to 8.13% in 2024, and reaching 8.67% in the first half of 2025, significantly above the industry average [7] - The company has achieved 4,694 patents and software copyrights by June 2025, reflecting its commitment to technological advancement [7] - Innovations include the application of LDS laser radar navigation technology and the integration of AI dual-camera obstacle avoidance with 3D structured light, enhancing the robot's capabilities in complex environments [7][9] Product Development - The flagship G30 Space exploration version features a world-first five-axis folding bionic arm, marking a significant leap from 2D to 3D cleaning management [9] - The P20 Ultra Plus model offers triple thermal cleaning capabilities, including high-temperature sterilization and self-cleaning functions, providing a comprehensive user experience [9] Global Expansion Strategy - Stone Technology is deepening its domestic market presence while expanding its offline channels, with over 300 stores nationwide [10] - Internationally, the company is building localized channels and partnerships with major retailers like Target and Best Buy, aiming for a 53.6% overseas revenue share by 2024 [10] - The company tailors its products and marketing strategies to local markets, achieving over 50% market share in Turkey and significant growth in North America [10][12] Future Outlook - Stone Technology's products are now available in over 170 countries, serving more than 20 million households, with an active user base of 1.7 million on its app [12] - The company is well-positioned to capitalize on the growing demand for smart home cleaning solutions, leveraging its market leadership, strong R&D capabilities, and optimized branding strategies [12]